Let's take a look back at just a few of our highlights in 2016 as we continue to strive for success in 2017.
Achieved impressive profitability, driven by an outsized operating profit margin expansion of 80 basis points on 2.7% growth in comparable hotel** RevPAR in constant US$ and aggressive asset management initiatives using technology to increase productivity.
increase in diluted Earnings per Share
increase in Adjusted FFO/Share*
Outstanding stock performance in 2016 based on increase in stock price from December 31, 2015 to December 31, 2016 and reinvestment of dividend.
Set a new comparable hotel** RevPAR record of $177 in 2016. Occupancy levels reached nearly 79% which is the highest it's been since 2000.
Record comparable hotel RevPAR
Returned $814 million in capital for our stockholders through $596 million of dividends and $218 million of stock repurchases completed at a significant discount to estimated net asset value.
Million in Capital Returned
Successfully advanced on four major redevelopment projects introducing energy efficiencies and high-tech customized amenities at Hyatt Regency San Francisco Airport, Denver Marriott Tech Center, The Phoenician, A Luxury Collection Resort and Marriott Hall at Marriott Marquis San Diego Marina.
Acquired one of the "Grand Dame" Floridian resorts on one of the best beaches in the country, the 347-room Don CeSar in St. Pete Beach for $214 million, subsequent to year end.
Number of Rooms in New Acquisition
Named to CDP's Climate A List, which recognized the top 193 of more than 5,500 respondents for demonstrating the highest level of climate change leadership.
Maintained a fortress balance sheet, which is a key competitive advantage. The Company's long-term unsecured debt is investment-grade rated and only one of the Company's hotels is encumbered by mortgage debt.
Disposed of 11 assets worth approximately $670 million (includes one Q1 2017 sale). The combined average 2015 RevPAR was $112 million.
*Adjusted Funds From Operations ("FFO") per diluted share is a non-GAAP financial measure within the meaning of the rules of the Securities and Exchange Commission. See the earnings press release for a reconciliation to the most directly comparable GAAP measure, and a discussion of the limitations on the use of this supplemental measure.
**See the earnings press release for a description of what we consider to be our comparable hotels for 2016.